Opportunities will most likely be found by evaluating markets, competition, and technology. Examples of opportunities include attracting new customers when a competitor discontinues a product or service, or the introduction of new technology that allows you to offer your products or services in new markets.
·
Threats
Similar to internal weaknesses, threats are external factors that can have a negative impact on your organization's future. By continually monitoring your industry for threats in the areas of new competition, government regulations, market and customer behavior, and technology trends, you can create and implement new strategies to prepare your company to respond to them.
Specific examples of threats are material shortages that prevent your company from meeting production goals; new competitors offering a variety of benefits and bonuses to lure key members away from your organization; or new technology that makes your product or service obsolete.
Developing a Marketing Mix
· Identify the four components of the marketing mix
Four P's of the Marketing Mix:
The marketing mix is the framework around which you design your marketing strategy. Once you select a target market, you must understand how to attract and retain consumers in that segment. To direct your decisions and actions toward satisfying your target market, you must concentrate on the four P's that form the marketing mix:
Product, Price, Place, and Promotion.
· Product
The first element of the marketing mix is product. Although this variable involves researching and designing a product or service that meets your target market's needs and desires, it also includes the development of brand names, packaging, and labeling.
· Price
The next element of the marketing mix is price. This component involves establishing pricing objectives for your product or service and the procedures necessary to meet the objectives. The pricing strategy you implement must be profitable for your company and reasonable to your customers. Keep in mind that by offering your product or service at an attractive price, you create a competitive tool that can lure customers to buy your product or service.
· Place
Another component of the marketing mix is place. Also known as distribution, this variable ensures that your product or service is available to members of your target market when they want it and in the quantities they need. Through the place element of the marketing mix, you can develop a strategy to sell your products or services directly to your customers, or you can use marketing channels, such as wholesalers or retailers, to reach your target market indirectly.
·
Threats
Similar to internal weaknesses, threats are external factors that can have a negative impact on your organization's future. By continually monitoring your industry for threats in the areas of new competition, government regulations, market and customer behavior, and technology trends, you can create and implement new strategies to prepare your company to respond to them.
Specific examples of threats are material shortages that prevent your company from meeting production goals; new competitors offering a variety of benefits and bonuses to lure key members away from your organization; or new technology that makes your product or service obsolete.
Developing a Marketing Mix
· Identify the four components of the marketing mix
Four P's of the Marketing Mix:
The marketing mix is the framework around which you design your marketing strategy. Once you select a target market, you must understand how to attract and retain consumers in that segment. To direct your decisions and actions toward satisfying your target market, you must concentrate on the four P's that form the marketing mix:
Product, Price, Place, and Promotion.
· Product
The first element of the marketing mix is product. Although this variable involves researching and designing a product or service that meets your target market's needs and desires, it also includes the development of brand names, packaging, and labeling.
· Price
The next element of the marketing mix is price. This component involves establishing pricing objectives for your product or service and the procedures necessary to meet the objectives. The pricing strategy you implement must be profitable for your company and reasonable to your customers. Keep in mind that by offering your product or service at an attractive price, you create a competitive tool that can lure customers to buy your product or service.
· Place
Another component of the marketing mix is place. Also known as distribution, this variable ensures that your product or service is available to members of your target market when they want it and in the quantities they need. Through the place element of the marketing mix, you can develop a strategy to sell your products or services directly to your customers, or you can use marketing channels, such as wholesalers or retailers, to reach your target market indirectly.